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Gold Dollar
Source: Encyclopedia of Banking & Finance (9h Edition) by Charles J Woelfel
(We recommend this as work of authority.)

The U.S. dollar was a gold dollar from the GOLD STANDARD ACT OF 1900 to Executive Order 6102 of April 5, 1933, which terminated domestic circulation and redemption into gold, and to the GOLD RESERVE ACT OF 1934, which nationalized the nation's gold, as follows.

  1. The dollar was statutorily defined to contain a specific unit quantity of gold, 23.22 fine troy grains, making $20.67 per fine ounce the official monetary price for gold.

  2. Gold circulated freely in coin and in the form of gold certificates, and coinage of bullion into gold was available at the Mint.

  3. Gold certificates and other forms of domestic circulation were redeemable into gold at the $20.67 per ounce official price.

  4. Gold and gold certificates played the role of "golden brake" by serving as the minimum reserve requirement specified for Federal Reserve notes and deposit liabilities.

  5. Dollars were freely convertible into gold internationally, both for official and for private account, at the official monetary price.

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